Sensex Drops Over 100 Points; Auto & Realty Stocks Under Pressure

Mon, 17 Oct 01:30 pm

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The Indian share market is trading weak during the post-noon trading session amid weak Asian markets. Barring banking , all sectoral indices are trading in the red with stocks from auto and realty sectors being the biggest losers.

The BSE Sensex is trading lower by 115 points (down 0.4%) while the NSE Nifty is trading lower by 56 points (down 0.6%). The BSE Mid Cap index is trading down by 0.8% and BSE Small Cap index is trading down by 0.4%. Gold prices, per 10 grams, are trading at Rs 29,666 levels. Silver price, per kilogram is trading at Rs 41,850 levels. Crude oil is trading at Rs 3,349 per barrel. The rupee is trading at 66.77 to the US$.

As per an article in a leading financial daily, Cipla has signed a Memorandum of Agreement (MoU) for South Africa's first biosimilars manufacturing facility to be set up at a cost of nearly US$91 million. Biosimilars are biotech-based medicines mainly for treating life-threatening diseases such as cancer.

The agreement with KwaZulu-Natal Dube Trade Port Special Economic Zone for Cipla BIOTEC's new facility was concluded at the BRICS (Brazil, Russia, India, China & South Africa) Summit in Goa recently.

Reportedly, the state of the art facility is set to produce a range of affordable treatments for cancer and other autoimmune diseases for the African and global market. In addition to local consumption, the lifesaving medication will also be exported to the markets in Africa, US, European Union and Asia. Moreover, the construction of the new facility is scheduled to start early next year, with full operations expected to commence in the third quarter of 2018.

Further, Indian pharma companies such as Dr Reddy's, Biocon, and Cadila derive some revenues from the sale of biosimilars, largely from the Indian markets and a smaller portion coming from the emerging markets. But given the complexity of biologics, will Indian companies be able to break some ground in this space? (Subscription Required) One of our premium edition of The 5 Minute Wrap up offers a view on the same.

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

Shares of Cipla were trading flat at the time of writing.

Moving on to news from stocks in auto sector. According to an article in, The Economic Times, Tata Motors is working to substantially increase its market share in the commercial vehicle segment in South Africa by ramping up sales network in the region. The company has crossed the milestone of having 600 touch-points in the region, which currently contributes to around 27% of the total commercial vehicle sales in the country. The company currently has a market share of around 36% in the country.

Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia.

Over the last six months, the company has also opened around 20 touch-points which includes eight full-fledged dealerships across Tamil Nadu, Kerala, Telangana among others. Reportedly, the new outlets have started contributing around 6% of overall volumes in the region. It has the largest network of sales network in the country with over 1,800 touch-points.

The company is also expected to further its presence in the intermediate and light commercial vehicle space with the ULTRA brand along with a series of introductions planned in the pick-up and small passenger and cargo vehicle space.

Share price of Tata Motors was down by 1.1% at the time of writing.

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